Financial Performance - For the fiscal year ending March 31, 2024, total revenue was HKD 46,489,000, a decrease from HKD 78,448,000 in the previous year, representing a decline of approximately 40.7%[5] - The company reported a loss before tax of HKD 29,232,000, compared to a loss of HKD 24,341,000 in the previous year, indicating a worsening of approximately 20.5%[11] - The total loss for the year increased by approximately 22.1% to about HKD 29.8 million for the year ending March 31, 2024, compared to a loss of about HKD 24.4 million for the previous year[116] - The gross profit decreased by approximately 61.5% from HKD 10.4 million in 2023 to HKD 4.0 million in 2024, with the overall gross margin dropping from about 13.3% to 8.6%[50] - The company reported a basic loss per share of HKD 9 cents, compared to a loss of HKD 4.97 cents in the previous year[14] - Total revenue for the group in 2024 was HKD 46,489,000, down from HKD 78,448,000 in 2023, indicating a decrease of approximately 41%[29] Revenue Breakdown - The service segment generated revenue of HKD 36,349,000, while the maintenance service segment contributed HKD 10,140,000[5] - Revenue from fire safety system installation decreased to HKD 36,349,000 in 2024 from HKD 69,935,000 in 2023, representing a decline of approximately 48%[29] - Revenue from maintenance and repair services increased to HKD 10,140,000 in 2024 from HKD 8,513,000 in 2023, showing a growth of about 19%[29] - Customer A's revenue contribution decreased to HKD 10,812,000 in 2024 from HKD 17,164,000 in 2023, a decline of approximately 37%[34] - Customer B's revenue contribution decreased to HKD 4,979,000 in 2024 from HKD 9,630,000 in 2023, a decline of approximately 48%[34] Assets and Liabilities - The total assets decreased from HKD 118,423,000 in 2023 to HKD 81,188,000 in 2024, reflecting a reduction of about 31.5%[16] - Cash and cash equivalents decreased from HKD 48,299,000 in 2023 to HKD 22,934,000 in 2024, a decline of approximately 52.5%[16] - Non-current assets increased from HKD 6,260,000 in 2023 to HKD 14,182,000 in 2024, an increase of approximately 126.5%[16] - Trade receivables increased to HKD 15,026,000 in 2024 from HKD 13,027,000 in 2023, with credit loss provisions rising from HKD 4,511,000 to HKD 6,365,000[107] - The company reported contract assets of HKD 38,019,000, after accounting for credit loss provisions of HKD 14,053,000[108] Expenses and Costs - The total employee costs for the year ended March 31, 2024, amounted to HKD 21,047,000, an increase from HKD 20,386,000 in 2023, reflecting a rise of approximately 3.3%[36] - Administrative expenses rose by approximately 26.6% to about HKD 30.0 million for the year ending March 31, 2024, up from about HKD 23.7 million for the previous year[140] - The company incurred financing costs of HKD 231,000, compared to HKD 63,000 in the previous year, indicating an increase of approximately 267.7%[11] - The interest expense on lease liabilities for the year ending March 31, 2024, was approximately HKD 231,000, compared to HKD 63,000 for the year ending March 31, 2023[115] Government and Grants - Government grants decreased to HKD 134,000 in 2024 from HKD 750,000 in 2023, a decline of approximately 82%[35] - The group received government subsidies of HKD 134,000 related to the maternity pay refund scheme for the year ending March 31, 2024[123] Business Operations and Strategy - The company expanded its operations to include a new reporting segment for short video and animation production in China[4] - The company is exploring new business opportunities in short video and animation production in China[47] - The company has no significant investments or acquisitions planned as of March 31, 2024[77] - The group anticipates that the application of all revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[27] - The group is optimistic about the long-term impact on the Hong Kong construction industry and the fire safety market due to the relaxation of cooling measures by the Hong Kong government at the beginning of 2024[154] Corporate Governance - The company’s management emphasized the importance of sound corporate governance for long-term success and value creation for shareholders[84] - The company plans to continue reviewing the separation of the roles of Chairman and CEO to ensure effective management and business development[91] Market Conditions - The company noted a decline in public tender numbers and contract prices due to intense competition in the construction market, negatively impacting contract revenue[112] - The group has received an increasing number of tender opportunities in Hong Kong, with tender amounts higher than in previous years[154] - The group will continue to consolidate its market position and optimize productivity and efficiency in response to intense market competition and economic uncertainty[154] Liquidity and Financial Position - The current ratio as of March 31, 2024, was approximately 9.0 times, down from 10.7 times as of March 31, 2023[117] - The group maintained a solid liquidity position as of March 31, 2024, with bank deposits of approximately HKD 4.9 million, up from HKD 4.2 million in the previous year[143] - The group has maintained a stable liquidity position throughout the year ended March 31, 2024, through prudent financial management policies[161] - The group has not faced significant foreign exchange rate fluctuation risks and has not established any hedging policies for foreign currency risks as of March 31, 2024[162] Share Capital - The issued share capital as of March 31, 2024, was HKD 6,000,000, with 600,000,000 ordinary shares outstanding[144]
莹岚集团(01162) - 2024 - 年度业绩